Dubai: Property Finder, the UAE’s go-to real estate portal, released the aggregate results of figures from Dubai Pulse, the open data platform initiative from the Smart Dubai Office, which are based on the fluctuations of the number of agents and real estate brokerages in Dubai.
Findings include:
- At the end of 2018, 33,982 residential units were under construction in Dubai with a completion status of at least 65%
- Southeast and southwest parts of Dubai are seeing the most activity
Research by Property Finder, the UAE’s pre-eminent real estate portal, has found that 21,014 residential units, comprising apartments, villas and townhouses, were completed by the third quarter of 2018.
This has been more than the number of units handed over in the past few years, and the inventory will help tenants to negotiate for more competitive rents. However, the year-on-year drop in prices coupled with additional supply and subdued demand means we can expect more price declines in 2019. This bodes well for long-term renters who can now consider home ownership.
Until October 2018, there were an additional 14,707 residential units with a 95 to 99% completion status. However, only 1,187 of those units were completed by the end of the year. The “Property Finder Trends” report estimates the remaining 13,520 units to be completed in the first half of 2019.
There is more residential supply to add to this spillover stock. At the end of 2018, Property Finder research found 33,982 residential units under construction in Dubai with a completion status of at least 65% and completion scheduled for 2019.
Adding the 13,520 units that were to finish in 2018 to the figure slated for 2019, 47,502 units are likely to be handed over by the end of 2019. Although so many homes are unlikely to be completed, the rate of handovers has increased over the past year and it will continue in 2019 as developers rush to complete projects ahead of Expo 2020.
“While many believe we are in a slump and property prices will go back to pre-2016 levels, the reality is that with the considerable amount of supply already released into the market, and the upcoming supply through 2022, the prices we are experiencing today are the new normal. We can expect prices to decline further in 2019 as the market absorbs the immense amount of supply that came in 2018, and what will complete in 2019,” says Lynnette Abad, Director of Research and Data, Property Finder.
Some of 2018’s notable handovers include 3,761 apartments and serviced apartments in Business Bay. The Burj Khalifa area saw 2,015 apartments added. Additionally, 394 villas were completed in Dubai Properties’ Arabella project in Mudon. Jumeirah Village Circle saw 2,228 apartments and townhouses completed.
Overall, the southeast and southwest parts of Dubai are seeing the most activity with ongoing developments such as Reem’s Mira Oasis, which will have 1,393 units in three phases once it is complete, the “Property Finder Trends” report adds.
Remraam saw the addition of 2,641 units by Dubai Properties. Town Square by Nshama saw 231 apartments and 730 townhomes released in Hayat earlier in the year. Motor City saw the completion of 137 villas in the Casa Flores project, 136 units in Eden Apartments, 95 townhouses in Casa Familia and 269 apartments in Oia Residence.
View the full issue of Property Finder Trends.
For media enquiries, please contact Anna Lucas Southgate at
anna@propertyfinder.ae or on
+971 55 115 9971
About Property Finder
Property Finder is the Middle East and North Africa’s leading real estate portal with presence in seven markets including Saudi Arabia, Egypt, Morocco and the United Arab Emirates.
The premier resource when looking to buy, sell, lease or rent, Property Finder attracts nearly 6 million unique monthly users across its mobile apps and websites, with over 2,375 registered brokers and developers.
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
